Poshmark Q1 revenues up 13 percent

Poshmark, Inc. posted net revenues of 90.9 million dollars in the first quarter of 2022, a 13 percent increase from the first quarter of 2021.

The company’s gross merchandise value (GMV) grew 12 percent to 493.4 million dollars, up from 441 million dollars in the same period last year.

“We continue to innovate for both buyers and sellers and completed the rollout of our Shop by Trend feature as well as a redesign of our feed and shop tabs during the first quarter,” said Manish Chandra, founder and CEO of Poshmark.

For the trailing 12 months, Poshmark’s active buyers reached 7.8 million, a 16 percent increase from the first quarter of 2021.

Adjusted EBITDA was negative 4.7 million dollars which decreased from 4.8 million dollars in the first quarter of 2021. Adjusted EBITDA margin was negative 5.2 percent in the first quarter.

GAAP net loss per share attributable to common stockholders was 18 cents, compared to net loss per share of 1.18 dollars in the first quarter of 2021.

For the second quarter, the company expects net revenues in the range of 86 to 88 million dollars and adjusted EBITDA in the range of negative 9 million to negative 11 million dollars.